Stocks to watch: Shares of firms like Tata Steel, Maruti, Adani Group, Hindustan Zinc, Glenmark, and others will be in focus on Tuesday’s trade.
Stocks To Watch On October 10: The GIFT Nifty October futures contract indicates a positive start to domestic equities in trade on Tuesday. The futures contract was trading at 19,618.50 , up 18 points or 0.09%. Here are the companies that will be on investors’ radar on Tuesday:
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Maruti Suzuki: Maruti Suzuki India Ltd on Monday said it is looking to invest as much as Rs 1.25 trillion by 2030-31 to develop 10-11 new models, including six electric vehicles (EVs), and double its annual production to 4 million units. In a presentation, the country’s largest carmaker said it plans to dial up its presence in new vehicle segments, including hybrid, flex fuel and electric, particularly in the sport utility vehicle (SUV) format.
Adani Group: Adani Group has released a media statement condemning the ‘Malicious Campaign’ by UK-based newspaper Financial Times, claiming that the media outlet has been rehashing old and baseless allegations to hamper the global reputation of the conglomerate. The Adani Group alleged that the articles in Financial Times were part of an extended campaign to advance vested interests under the guise of public interest.
Tata Steel: In the wake of alleviating risk from UK Operations, the Issuer Default Rating (IDR) of Tata Steel was upgraded to ‘BBB-’ from ‘BB+’ by Fitch Ratings on Monday. The upgrade came after Tata Steel Limited’s standalone credit profile (SCP) was revised to ‘bb+’ from ‘bb’. The revision was made on account of the reduction in uncertainty and financial risk from its UK operations.
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Hindustan Zinc: Vedanta Ltd on Monday said the tax authorities have imposed a penalty of Rs 1.81 crore on its subsidiary Hindustan Zinc. The order was received on Sunday, October 8, and Vedanta Ltd informed the exchanges. “The order has been passed on the contention that the company had wrongly availed input tax credit,” it said. The company further said it does not expect the order to have any financial impact on the company.
Star Health and Allied Insurance: The company received a notice from the Directorate General of GST Intelligence for payment of tax worth Rs 38.99 crore, the insurance firm said in its BSE filing on Monday. The company will file an appropriate response to the GST show cause notice within the prescribed timeline, stated the filing. The company’s share value has declined by 0.63 per cent YTD and by 19.12 per cent in the last year.
Mahindra & Mahindra: Mahindra Last Mile Mobility Ltd on Monday said it has received the first tranche of Rs 300 crore out of the proposed Rs 600 crore investment by International Finance Corporation at a valuation of Rs 6,020 crore. Mahindra Last Mile Mobility Ltd (MLMML) was incorporated as a subsidiary of Mahindra & Mahindra Ltd and commenced commercial operations in September 2023 pursuant to the closing of asset and business transfer agreements with M&M.
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Glenmark Lifescience: Glenmark Life Science, on Monday, announced an interim dividend of Rs 22.50 per equity share of Rs 2 each for its investors for FY24. The interim will be paid to eligible shareholders on October 23, 2023. The record date for reckoning the list of investors eligible for the interim dividend will be Tuesday, October 17, 2023.
Inox Green Energy Services: Inox Green Energy Services said on Monday it will divest a 100% stake in Gujarat-based Nani Virani Wind Energy Private Ltd, a 50-megawatt operational wind farm. “Inox Green Energy Services (IGESL) has signed a term sheet for divestment of 100 per cent stake in Nani Virani Wind Energy Private Limited SPV,” IGESL’s parent firm Inox Wind Limited (IWL) said in a regulatory filing.
IDFC First Bank: IDFC First Bank on October 9 informed the stock exchanges that it has entered into an agreement with the National Securities Depository Limited (NSDL) to sell one of its premises in Mumbai for ₹198 crore. The office space that would be sold to the securities depository is located in Naman Chambers, based in the business hub of Bandra-Kurla Complex (BKC).
GR Infraprojects/Patel Engineering: GR Infraprojects, in collaboration with Patel Engineering, has formalized the contract agreement with NHPC for the Dibang Power (Lot 4) project, valued at Rs 3,637.12 crore. Within the Dibang multipurpose project in Arunachal Pradesh, GR Infraprojects holds a 50% stake. The construction of civil works for Lot 4 is slated for completion within an estimated 86 months.
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